[Expired – Closing Down] Nexus $100 Checking Bonus

Update 8/16/23: Nexus is closing down:

Thank you so much for being a valued Nexus user! Unfortunately, we are closing down the app and we need to explain what that means for your account.

Your Nexus account will be closed in 30 days on September 15th, 2023.

You have the option to transfer your securities to a new brokerage, by initiating an ACAT transfer at that new brokerage. We are happy to help with providing any of the information your new brokerage may require for this transfer, just reach out to us. If you are interested in this option, we recommend you start it immediately, as it may take some time to complete.

Any investments that remain in your account by September 15th, 2023, will be liquidated, and a check with the proceeds and any remaining cash in your account will be mailed to your address on file.

Nexus will stop automatically investing newly deposited funds starting September 1st to ensure that there are no inflight transactions during the shutdown date.

We appreciate your trust in us and apologize for any inconvenience during this closure. Please reach out by replying to this email if you have any questions.

The Nexus team

Deal has now expired, view more bank account bonuses by clicking here.

Offer at a glance

• Maximum bonus amount: $100
• Availability: Nationwide
• Direct deposit required: Yes, $500+
• Additional requirements: See below
• Hard/soft pull: Unknown
• ChexSystems: Unknown
• Credit card funding: Unknown
• Monthly fees: None
• Early account termination fee: Unknown
• Household limit: None listed
• Expiration date: March 31, 2023

The Offer

Direct link to offer

• Nexus is offering a bonus of $100 when you open a new account and complete the following actions ($50 per qualifying action):
  • Maintain a minimum balance of $1,000 for 60 consecutive days
  • Direct deposit 2 paychecks into your Nexus account (minimum $500+)

The Fine Print

• Bonus requirements: 1) Transfer or deposit a minimum of $1,000 to your Nexus account during the promotion period and maintain a minimum balance of $1,000 for 60 consecutive days. 2) Direct deposit: Nexus must receive at least two qualifying deposits (as defined below) during the promotion period.
• A qualifying direct deposit is a deposit from a member’s employer, payroll, or benefits provider via ACH deposit. Deposits that are not from an employer (such as checks; P2P transfers such as from PayPal or Venmo; merchant transactions; and bank ACH transfers not from employers, payroll or benefits providers) do not qualify for this promotion.
• Bonus signup: The bonus is available for new Nexus accounts only. The promotion signup period starts on 1/30/2023 and ends on 3/31/2023. New accounts have 90 days from date of signup to complete qualifying actions to qualify for bonuses.
• The promotion may be discontinued or changed at any time prior to the expiration date without notice.
• Bonus payment: Each time a bonus requirement is met, Nexus will credit $50 to your Nexus account within 5 business days. In order to receive any bonus, your Nexus account must be open and in good standing, in the sole determination of Nexus, through the date of the credit. The bonus is considered interest and may be reported on IRS Form 1099-INT, if applicable.
• All bank account bonuses are treated as income/interest and as such you have to pay taxes on them

Avoiding Fees

Monthly Fees

This account has no monthly fees

Early Account Termination Fee

I was unable to find a full fee schedule so unsure if there is any early account termination fee.

Our Verdict

Nexus is a combined checking/investment account. It looks like you can either hold funds in a 2.5% APY account or in the S&P 500. If the market is closed you can still access your funds and then when the market reopens they will sell a relevant amount of money. There are no monthly fees or trading fees either. Nexus was previously called Financial Choice and they have raised $2.7 million in venture capital.

I actually think this product is interesting for people that want to keep all of their funds invested. Personally I find it easier to have some funds in cash to avoid market volatility and the 2.5% savings rate isn’t competitive compared to other high interest accounts. Still it’s rare for a new banking product to get my interest and with a $100 sign up bonus it’s definitely worth completing for many people.

Useful posts regarding bank bonuses:

• A Beginners Guide To Bank Account Bonuses
• Bank Account Quick Reference Table (Spreadsheet) (very useful for sorting bonuses by different parameters)
• PSA: Don’t Call The Bank
• Introduction To ChexSystems
• Banks & Credit Unions That Are ChexSystems Inquiry Sensitive
• What Banks & Credit Unions Do/Don’t Pull ChexSystems?
• How To Use Our Direct Deposit Page For Bank Bonuses Page
• Common Bank Bonus Misconceptions + Why You Should Give Them A Go
• How Many Bank Accounts Can I Safely Open Within A Year For Bank Bonus Purposes?
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